2007-02-16 07:00:33 · 6 answers · asked by Mark R 1 in Business & Finance ➔ Renting & Real Estate
The old addage that those who can, do. Those that can't teach is true with these infomercial guys, they feed you a bunch of BS and then sell you tapes, books etc for Thousands of dollars, expensive seminars etc. Just go to Barnes and Noble and spend a few hours looking at the Real Estate Books buy a couple study and you are on your way
2007-02-16 07:09:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Remember: There is no such thing as a free lunch; and if it seems too good to be true, it probably is.
Do you really think that there is a house out there worth say $200,000 and they are selling it for $2?
If it were really that easy to make money buying the houses why would the guy on the infomercial be trying to make money hawking a system? He'd just buy the houses himself and get rich.
If you want to buy forclosed properties, the auctions are listed in the paper.
You'll need a good lawyer to examine the title before you buy. If the homeowner has his mortgage forclosed on there are probably other liens against the property that you will inherite if you buy the house.
2007-02-16 19:50:19 · answer #2 · answered by ENI 2 · 1⤊ 0⤋
There is a catch. You have to pay for a list. The list is always outdated and inaccurate. Good properties sell fast and never make it to a list. I owned ForeclosureCenter.com and sold it several years ago. The best way to buy foreclosures is with a real estate broker in your area who sells foreclosures. You can call Fannie Mae in Atlanta (Federal National Mortgage Assoc.) and they'll tell you which broker they work with in your area.
Foreclosures are often good deals but they're seldom steals. The bank or government entity that owns the property will price it to sell quickly but they're not giving them away. However, if you're buying the home to live in rather than as an investment you can get some great financing.
2007-02-16 15:21:12 · answer #3 · answered by G B 1 · 0⤊ 0⤋
The catch is some states and counties require residency and will not sell to out of state or out of county buyer because they want the revenue to continue. Also in many cases the houses have been in disrepair for such a long time they would require thousand of dollars to even make them worth buying or resaling. Remember the listing photo can be as much as 10 to 15 years old and may not show the current state of the property.
2007-02-16 15:08:35 · answer #4 · answered by Tom H 4 · 0⤊ 0⤋
you need to bring it up to city code. Sometimes it can cost you thousands of dollars. check into it before you buy.
2007-02-16 15:06:19 · answer #5 · answered by paul k 2 · 1⤊ 0⤋
The catch is....anything you would want to buy does not exist.
2007-02-17 22:26:13 · answer #6 · answered by loandude 4 · 0⤊ 0⤋